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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: ms.smartest.person who wrote (1563)7/8/2001 9:04:44 PM
From: ms.smartest.person  Read Replies (1) of 2248
 
PSINet and Citic silent in face of link claim
2001-07-08


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Citic Pacific and PSINet Wireless Hong Kong have declined to comment on a report that Citic would take over the PSI's local operation.

"We cannot confirm or comment on the deal," said William Kwan, president of PSINet.

"We have been looking at a number of options in our operations."

PSINet, whose parent has filed for Chapter 11 bankruptcy in the United States, received one of the five licences for local wireless fixed network services granted last year.

The company is a provider of broadband Internet services in Hong Kong.

Mr Kwan said no buyer had submitted proposals to the US Court for acquiring PSI's Hong Kong business.

Yesterday, a local newspaper reported Citic could inject capital into PSI and take over the local operations of PSINet.

It said Citic deputy managing director Norman Yuen Kay-tong, former deputy chief executive of Pacific Century CyberWorks, is seen to be the key person in the negotiation with PSINet.

If a deal was struck, Citic, which operates broadband services in China via its 80 per cent subsidiary China Express No 1 Backbone Network, will be able to play the local broadband market with its attached talents and facilities.

Mr Kwan was a veteran in Cable & Wireless HKT before moving to head PSINet.

A Citic Pacific official declined to comment on a possible acquisition of PSINet.


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